In Episode 65 of The Dirt Podcast, host Jim Barnish had an insightful discussion with Manik Suri, co-founder of Therma, about the inception and growth of the company, overcoming obstacles during the COVID-19 pandemic, and the impact of their combined tech and public policy backgrounds.
Manik Suri explained that the inspiration for Therma was rooted in his desire to reduce waste and improve sustainability. Identifying issues with the current temperature monitoring methods in the food supply chain, he saw that pen and paper were still commonly used by farmers and industry stakeholders. Therma was founded as a solution to automate temperature management and introduce sensors and automation for increased efficiency along the food supply chain.
With existing wired solutions and generation one wireless systems both presenting drawbacks, Therma's innovative offering uses Long-Range Radio (LoRa) to provide better connectivity through dense insulation found in fridges and freezers. This approach allows for increased reliability, a lower cost, and longer battery life, making it an attractive option for businesses looking to improve their temperature management systems.
Initially targeting the food supply chain, Therma has expanded its customer base to include operators of major brands such as McDonald's, Pizza Hut, Taco Bell, Marriott, Hilton, and 7-Eleven. Suri envisions further growth into the convenience, grocery, and supermarket sectors in the future, as well as exploring opportunities in government-backed programs and incentives for energy efficiency and waste reduction.
Suri highlights the benefits of his background in public policy and working in the Obama administration, particularly in the context of understanding government initiatives, legislation, and grants that can be applied to Therma's product offerings. This experience has helped in navigating the ever-changing landscape of regulations and shaping Therma's long-term vision for positive social impact.
The pandemic's effect on the food supply chain, particularly in the shift toward takeout and drive-through options, proved to be an opportunity for Therma. As businesses sought improved visibility and remote monitoring of their equipment and inventory, Therma's wireless temperature monitoring systems became an attractive solution. This led to rapid growth in the quick-service restaurant market and eventual expansion into the education sector.
Suri candidly discusses the difficulties of raising capital during uncertain times, ultimately overcoming those challenges through product-market fit, investor buy-in, and strong indications of demand within their target markets. Continued growth in their customer base and product offerings shows promise for Therma's future as a leader in temperature management innovation.
Manik highlights the importance of maintaining work-life balance while juggling the challenges of running a business, especially when it comes to mental health and personal relationships. With a strong support system in place, Suri is able to navigate the ups and downs of entrepreneurship.
Therma represents an inspiring example of overcoming challenges and leveraging unique backgrounds to develop innovative solutions in the food supply chain industry. As the conversation with Manik Suri illustrates, adaptation and determination, combined with an unwavering commitment to a mission-driven product, can lead to success even in the face of unprecedented obstacles. The Therma story offers valuable insights into harnessing the power of both technology and public policy to make a positive impact on safety, sustainability, and efficiency within the food supply chain.
